The Warren Buffet-owned investment major, Berkshire Hathaway, has sold its complete stake in One97 Communications Ltd, which is a parent company of Paytm, through a large block deal on 24 November, incurring a huge loss of more than Rs 600 crore.

The investment major has sold 1.53 crore shares, amounting to a 2.5% stake in Paytm for an average price of Rs 877.29 per share, for a total consideration of Rs 1,370 crore.

Buffett initially picked up a 2.6% stake in Paytm in 2018 for a total consideration of Rs 2,200 crore, valuing the firm at $10–12 billion. During the IPO of Paytm, the company had sold Rs 220 crore worth of shares.

The buyers who were involved in the block deal include Ghisallo Master Fund, which picked up a 0.67% stake in Paytm, and Copthall Mauritius Investment, which picked up a 0.19% stake in Paytm.

Berkshire Hathaway has reduced the number of stocks in its portfolio by shedding stakes in General Motors and Activision Blizzard while trimming bets on companies, including HP.

The Vijay Shekhar Sharma-led fintech firm has been under focus after the RBI (Reserve Bank of India) tightened consumer lending norms and informed the bank and shadow banks to set aside higher capital buffers.